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<SEC-DOCUMENT>0000950137-03-004041.txt : 20030730
<SEC-HEADER>0000950137-03-004041.hdr.sgml : 20030730
<ACCEPTANCE-DATETIME>20030730163716
ACCESSION NUMBER:		0000950137-03-004041
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030922
FILED AS OF DATE:		20030730
EFFECTIVENESS DATE:		20030730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SKYLINE CORP
		CENTRAL INDEX KEY:			0000090896
		STANDARD INDUSTRIAL CLASSIFICATION:	MOBILE HOMES [2451]
		IRS NUMBER:				351038277
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04714
		FILM NUMBER:		03811853

	BUSINESS ADDRESS:	
		STREET 1:		2520 BY-PASS RD
		STREET 2:		P O BOX 743
		CITY:			ELKHART
		STATE:			IN
		ZIP:			46515
		BUSINESS PHONE:		2192946521

	MAIL ADDRESS:	
		STREET 1:		P O BOX 743
		CITY:			ELKHART
		STATE:			IN
		ZIP:			46515
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>c77977ddef14a.htm
<DESCRIPTION>DEFINITIVE NOTICE AND PROXY
<TEXT>
<HTML>
<HEAD>
<TITLE>Definitive Notice and Proxy</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="70%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="13%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><FONT size="2">OMB APPROVAL</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
OMB Number:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">3235-0059</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Expires:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="right" valign="top"><FONT size="2">August&nbsp;31, 2004</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" nowrap align="left" valign="top"><FONT size="2">Estimated average burden<br>hours per

response</FONT></TD>

        <TD align="right" valign="bottom"><FONT size="2">14.73</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><font size="2"><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</font>

<P align="center"><FONT size="2"><B>SCHEDULE 14A</B>
</FONT>


<P align="center"><FONT size="2">Proxy Statement Pursuant to Section 14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Filed by the Registrant &nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Filed by a Party other than the Registrant &nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Check the appropriate box:</FONT></TD>
</TR>
</TABLE>
<p>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Preliminary Proxy Statement</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
<B>Confidential, for Use of the Commission Only (as permitted by
Rule&nbsp;14a-6(e)(2))</B></FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; Definitive Proxy Statement</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Definitive Additional Materials</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
Soliciting Material Pursuant to &#167;240.14a-12</FONT></TD>
</TR>
</TABLE>


<P align="center"><FONT size="2">Skyline Corporation</FONT>
<HR size="1">
<P align="center"><FONT size="2">(Name of Registrant as Specified In Its Charter)
</FONT>
<p>
<HR size="1">
<P align="center"><FONT size="2">(Name of Person(s) Filing Proxy
Statement, if other than the Registrant)
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of Filing Fee (Check the appropriate box):
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; No fee required.</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and
0-11.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Title of each class of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Aggregate number of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Proposed maximum aggregate value of transaction:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5)&nbsp;Total fee paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Fee paid previously with preliminary materials.</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Check box if any part of the fee is offset as provided by Exchange Act
Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Amount Previously Paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Form, Schedule or Registration Statement No.:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Filing Party:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Date Filed:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<p>
<center>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="20%"></TD>
        <TD width="80%"></TD>
</TR>
<TR valign="top">
        <TD valign="bottom"><font size="2">SEC 1913 (02-02)</font></TD>
        <TD><font size="2"><b>Persons who potentially are to respond to the collection of information
contained in this form are not required to respond unless the form displays a currently valid
OMB control number.</b></font></TD>
</TR>
</TABLE>
</center>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B>SKYLINE CORPORATION</B>

<DIV align="center">
<B><FONT size="2">2520 By-Pass Road</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">P.O. Box&nbsp;743</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Elkhart, Indiana 46515</FONT></B>
</DIV>

<P align="center">
<FONT size="4">NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
</FONT>

<DIV align="center">
<FONT size="4">September&nbsp;22, 2003
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOTICE IS HEREBY GIVEN that the Annual Meeting of
the Shareholders of Skyline Corporation (&#147;Skyline&#148;)
will be held at the Emerald Room, in the Ramada Inn, 3011
Belvedere Road, Elkhart, Indiana, on Monday, September&nbsp;22,
2003, at 9:00&nbsp;a.m., Eastern Standard Time, for the
following purposes:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.&nbsp;To elect a Board of Directors for the
ensuing year, or until their successors are elected and qualify.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.&nbsp;To transact such other business as may
properly come before the meeting, or any adjournment thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors has fixed the close of
business on July&nbsp;17, 2003, as the record date for the
determination of shareholders entitled to notice of, and to vote
at, said meeting.
</FONT>

<P align="center">
<FONT size="2">By Order of the Board of Directors
</FONT>

<P align="right">
<FONT size="2">Samuel S. Thompson
</FONT>

<DIV align="right">
<FONT size="2">General Counsel and
</FONT>
</DIV>

<DIV align="right">
<FONT size="2">Secretary
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">July&nbsp;30, 2003
</FONT>
</DIV>

<P align="left">
<FONT size="2">IF YOU DO NOT EXPECT TO ATTEND THE MEETING IN
PERSON, PLEASE SIGN, DATE AND PROMPTLY RETURN THE ENCLOSED PROXY
IN THE ACCOMPANYING ENVELOPE, WHICH REQUIRES NO POSTAGE IF
MAILED IN THE UNITED STATES.
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">VOTING SECURITIES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">ELECTION OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">Report of the Audit Committee</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">Audit Fees</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">Audit-Related Fees</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">Tax Fees</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">All Other Fees</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">CERTAIN OTHER BENEFICIAL OWNERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">Compensation of Directors</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">Termination of Employment Arrangements</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">Compensation Committee Interlocks and Insider Participation</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">Report of the Governance and Compensation Committee (the &#147;Compensation Committee&#148;) on Executive Compensation</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">PERFORMANCE GRAPH</A></TD></TR>
<TR><TD colspan="9"><A HREF="#015">INDEPENDENT PUBLIC AUDITORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#016">SHAREHOLDER PROPOSALS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#017">MISCELLANEOUS</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="4">SKYLINE CORPORATION</FONT></B>

<DIV align="center">
<B><FONT size="2">2520 By-Pass Road, P.O. Box&nbsp;743</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Elkhart, Indiana 46515</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">July&nbsp;30, 2003</FONT></B>
</DIV>

<P align="center">
<B>PROXY STATEMENT</B>

<P align="left">
<FONT size="2">The enclosed proxy is solicited by the Board of
Directors of Skyline Corporation (&#147;Skyline&#148;) for use
at the Annual Meeting of Shareholders to be held
September&nbsp;22, 2003. The shares represented by properly
executed proxies received prior to the meeting will be voted. If
the shareholder directs in the proxy how the shares are to be
voted, they will be voted accordingly. When no direction has
been given by the shareholder, it is the intention of the
proxies named in the proxy to vote the same in accordance with
their best judgment. Any proxy given may be revoked by the
shareholder at any time prior to the voting of the proxy. The
approximate date on which this proxy statement and the form of
proxy are first sent or given to security holders is
July&nbsp;30, 2003.
</FONT>

<!-- link1 "VOTING SECURITIES" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center">
<B>VOTING SECURITIES</B>

<P align="left">
<FONT size="2">Only shareholders of record as of the close of
business on July&nbsp;17, 2003, or their proxies are entitled to
vote at the meeting. As of that date, Skyline had outstanding
8,391,244&nbsp;shares of Common Stock having one vote per share.
</FONT>

<!-- link1 "ELECTION OF DIRECTORS" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center">
<B>ELECTION OF DIRECTORS</B>

<P align="left">
<FONT size="2">Each share of Common Stock is entitled to one
vote, which means that the holders of more than 50% of the
shares voting for the election of Directors can elect all of the
Directors and approve any other matter as may properly come
before the meeting if they choose to do so.
</FONT>

<P align="left">
<FONT size="2">It is proposed that seven Directors be elected at
the meeting, each to serve until the next Annual Meeting of
Shareholders and until his successor is elected and qualifies.
</FONT>

<P align="left">
<FONT size="2">It is intended that the votes authorized by the
enclosed proxy will be cast for the election of the seven
nominees for Directors whose names are set forth below. In the
event that one or more of the nominees shall unexpectedly become
unavailable for election, the votes will be cast, pursuant to
authority granted by the enclosed proxy, for such person or
persons as may be designated by the present Board of Directors
or the Board may be reduced accordingly. All of the nominees for
whom the proxies intend to vote have agreed to serve as
Directors if elected.
</FONT>

<P align="center"><FONT size="2">2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Information about the nominees for election as
Directors and the beneficial ownership of Skyline Common Stock
by directors as a group is as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares of Skyline</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Common Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Skyline</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Beneficially Owned</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name, Title, Address</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Director</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">at July&nbsp;1, 2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">of</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">and Principal Occupation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Age</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Since</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Directly or Indirectly</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Class(2)</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">ARTHUR J. DECIO Chairman of the Board, serving in
    a non-executive officer and consulting capacity. Skyline
    Corporation 2520 By-Pass Road Elkhart, Indiana 46514
    Mr.&nbsp;Decio is also a Director and member of the Compensation
    Committee of Ni Source Inc., Merrillville, Indiana
    (Mr.&nbsp;Decio was an executive officer until
    September&nbsp;24, 2001 and Chief Executive Officer of Skyline
    until December&nbsp;16, 1998.)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">72</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1959</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1,477,784</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">(1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">17.6</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">THOMAS G. DERANEK Vice Chairman and Chief
    Executive Officer Skyline Corporation 2520 By-Pass Road Elkhart,
    Indiana 46514 Mr.&nbsp;Deranek was elected Vice Chairman and
    Chief Executive Officer and a Director on September&nbsp;24,
    2001. He served as Chief of Staff from 1991 to 2001
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">67</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">JERRY HAMMES 2015 West Western Avenue South Bend,
    Indiana 46629 President of Romy Hammes, Inc., a bank holding
    company and real estate investment company, South Bend, Indiana,
    and Chairman of Peoples Bank of Kankakee County, a bank,
    Bourbonnais, Illinois. Mr.&nbsp;Hammes is also a Director
    Emeritus of St. Joseph Capital Corporation, Mishawaka, Indiana
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">71</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1986</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">13,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">RONALD F. KLOSKA 1329 East Woodside South Bend,
    Indiana 46614 Mr.&nbsp;Kloska currently serves Skyline in a
    consulting capacity. Mr.&nbsp;Kloska was Vice-Chairman and Chief
    Executive Officer of Skyline Corporation until
    September&nbsp;24, 2001 and Mr.&nbsp;Kloska was Deputy Chief
    Executive Officer of Skyline until December&nbsp;16,&nbsp;1998
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">69</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1965</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">28,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares of Skyline</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Common Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Skyline</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Beneficially Owned</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name, Title, Address</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Director</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">at July&nbsp;1, 2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">of</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">and Principal Occupation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Age</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Since</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Directly or Indirectly</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Class(2)</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">WILLIAM H. LAWSON One Sarasota Tower,
    Suite&nbsp;408 Sarasota, Florida 34236 Retired March&nbsp;31,
    2003 as Chairman of the Board, Chief Executive Officer and a
    Director of Franklin Electric Company, Inc., a manufacturer of
    electric motors, Bluffton, Indiana. Mr.&nbsp;Lawson is a
    Director of JSJ Corporation and Sentry Insurance, a Mutual
    Company.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1975</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">DAVID T. LINK Dean Emeritus, Notre Dame Law
    School, University of Notre Dame, Notre Dame, Indiana 46556
    President, International Centre for Healing and the Law
    9292&nbsp;W.&nbsp;KL Avenue Kalamazoo, Michigan 49009
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1994</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">ANDREW J. McKENNA 8338 North Austin Avenue Morton
    Grove, Illinois 60053 Chairman and CEO of Schwarz, a national
    printer, converter and distributor of packaging and promotional
    materials, Morton Grove, Illinois. Mr.&nbsp;McKenna is also a
    director of Click Commerce, Aon Corporation and McDonalds
    Corporation.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">73</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1971</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12,300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">ALL NOMINEES AND
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">OFFICERS AS A GROUP
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1,572,464</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">18.7</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 83,500&nbsp;shares in The Arthur J.
    Decio Foundation, a charitable foundation, of which
    Mr.&nbsp;Decio is a trustee. Mr.&nbsp;Decio disclaims any
    beneficial interest with respect to these shares.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Less than one percent unless otherwise indicated.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Information about Board and Committee meetings is
as follows:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee consisted of
Messrs.&nbsp;Hammes, McKenna, Lawson, and Link. It met nine
times during the fiscal year ended May&nbsp;31, 2003. The
Committee meets with the accounting firm which conducts the
annual audit of Skyline&#146;s books, reviews auditors&#146;
recommendations, reviews the independence of Skyline&#146;s
auditors and considers the range of audit and non-audit fees. It
also meets with the internal audit staff and Chief Financial
Officer, reviews the scope and adequacy of Skyline&#146;s
internal auditing program and reports its findings to the Board
with any recommendations it considers appropriate.
Skyline&#146;s Board of Directors has adopted a written charter
for the Audit Committee. The members of Skyline&#146;s Audit
Committee are all &#147;independent&#148; as defined in the
applicable
</FONT>

<P align="center"><FONT size="2">4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">Listing Standards. Messrs.&nbsp;Hammes, McKenna,
Lawson, and Link are all &#147;Audit Committee Financial
Experts&#148;.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Governance and Compensation Committee
consisted of Messrs.&nbsp;McKenna, Hammes, Lawson and Link. It
met one time during the last fiscal year. The Committee
established compensation for the Chairman of the Board and
consulted with the Chairman of the Board concerning compensation
for other elected officers of the Company. The Committee also
recommended to the Board the selection of nominees for election
as directors, and considered the performance of incumbent
directors in determining whether to nominate them for
re-election.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Governance and Compensation Committee has
been replaced by two new committees, designated The Nominating
and Governance Committee and the Compensation Committee, and the
former functions and responsibilities of the Governance and
Compensation Committee will be addressed by the two new
committees. Since these are newly formed committees whose
functions were to commence in the new fiscal year, they did not
meet during the last fiscal year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Nominating and Governance Committee consists
of Messrs.&nbsp;McKenna, Hammes, Lawson and Link. The Committee
recommends to the Board the selection of nominees for election
as directors, and considers the performance of incumbent
directors in determining whether to nominate them for
reelection. The Committee also develops and recommends to the
Board a set of corporate governance principles applicable to the
Corporation and performs other related tasks such as studying
the size, committee structure or meeting frequency of the Board,
making studies or recommendations regarding management
succession, or similar tasks. Nominees recommended by
shareholders will be considered upon their submission in writing
by the shareholders to Skyline prior to the end of the fiscal
year immediately preceding the next regular annual
shareholders&#146; meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Compensation Committee consists of
Messrs.&nbsp;McKenna, Hammes, Lawson and Link. The functions of
the Compensation Committee shall be to discharge the
Board&#146;s responsibilities relating to compensation of the
Corporation&#146;s executives and produce an annual report on
executive compensation for inclusion in the Corporation&#146;s
proxy statement, review and approve corporate goals and
objectives relevant to the Chief Executive Officer compensation,
evaluate Chief Executive Officer performance in light of these
goals and objectives and set the Chief Executive Officer&#146;s
compensation level based on this evaluation and to make
recommendations to the Board regarding incentive compensation
plans, equity based plans and to undertake any similar functions.
</FONT>

<P align="center"><FONT size="2">5
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Executive Committee of the Board of Directors
consists of Messrs.&nbsp;Arthur J. Decio, McKenna, Hammes,
Lawson and Link, and met eight times during the last fiscal
year. This Committee exercises the powers of the Board of
Directors in the management of the business affairs of Skyline,
subject to the approval of the full Board of Directors at the
next regular or special meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors met or took action six
times during the last fiscal year. Every Board member was
present at all Board meetings and meetings of all committees of
which he was a member, except that three Board members each
missed one Board meeting, and one Board member missed three
committee meetings and another Board member missed one committee
meeting.
</FONT>

<!-- link1 "Report of the Audit Committee" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center">
<B>Report of the Audit Committee</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee of Skyline&#146;s Board of
Directors has reviewed and discussed Skyline&#146;s audited
financial statements with management; has discussed with
Skyline&#146;s independent auditors PricewaterhouseCoopers LLP
the matters required to be discussed by Codification of
Statements on Auditing Standards, AV&nbsp;&#167;380, Statement
on Auditing Standards No.&nbsp;61; has received from the
auditors disclosures regarding the auditors&#146; independence
as required by Independence Standards Board Standard No.&nbsp;1
and has discussed with the auditors the auditors&#146;
independence; and has, based on the review and discussions noted
above, recommended to Skyline&#146;s Board of Directors that the
audited financial statements be included in Skyline&#146;s
Annual Report on Form&nbsp;10-K for the fiscal year ended
May&nbsp;31, 2003 for filing with the Securities and Exchange
Commission. Skyline&#146;s Board of Directors has adopted a
formal charter for the Audit Committee setting forth its
responsibilities. A copy of the Audit Committee Charter is
included as Exhibit&nbsp;A to this proxy statement.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="36%"></TD>
    <TD width="64%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Jerry Hammes
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Andrew J. McKenna
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">William H. Lawson
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">David T. Link
    </FONT></TD>
</TR>

</TABLE>

<!-- link1 "Audit Fees" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center">
<B><FONT size="2">Audit Fees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The aggregate fees billed for professional
services rendered for the audit of Skyline&#146;s annual
financial statements for the last two fiscal years ending
May&nbsp;31, 2002 and May&nbsp;31, 2003 and the reviews of the
financial statements included in Skyline&#146;s Forms 10-Q and
all services that are normally provided by the accountant in
connection with statutory and regulatory filings or engagements
for those fiscal years were $117,000 for the year ended
May&nbsp;31, 2002 and were $145,000 for the year ended
May&nbsp;31, 2003.
</FONT>

<P align="center"><FONT size="2">6
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "Audit-Related Fees" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="center">
<B><FONT size="2">Audit-Related Fees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The aggregate fees billed for professional
services during the last two fiscal years for assurance and
related services by PricewaterhouseCoopers LLP that are
reasonably related to the performance of the audit or review of
Skyline&#146;s financial statements, other than those reported
as Audit Fees, were $15,000 for the fiscal year ended
May&nbsp;31, 2002 and were $15,000 for the fiscal year ended
May&nbsp;31, 2003.
</FONT>

<!-- link1 "Tax Fees" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="center">
<B><FONT size="2">Tax Fees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The aggregate fees billed in each of the last two
fiscal years for professional services rendered by
PricewaterhouseCoopers LLP for tax compliance, tax advise, and
tax planning were $10,000 for fiscal year ended May&nbsp;31,
2002 and were $10,000 for fiscal year ended May&nbsp;31, 2003.
The services were the review, assistance and preparation and
signing of the Corporation&#146;s consolidated Federal tax
return.
</FONT>

<!-- link1 "All Other Fees" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="center">
<B><FONT size="2">All Other Fees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The aggregate fees billed Skyline for services by
PricewaterhouseCoopers LLP, other than for services addressed
under the captions &#147;Audit Fees&#148;, &#147;Audit-Related
Fees&#148; and &#147;Tax Fees&#148; for each of the last two
fiscal years were $0 for the fiscal year ended May&nbsp;31, 2002
and were $0 for the fiscal year ended May&nbsp;31,&nbsp;2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee&#146;s preapproval policies
and procedures pursuant to 17&nbsp;CFR 210.2-01(c)(7)(i)
requires any and all engagements must receive explicit approval
by the committee after the committee has received an adequate
description of the proposed engagement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The percentage of the services addressed under
the captions &#147;Audit-Related Fees&#148;, &#147;Tax
Fees&#148; and &#147;All Other Fees&#148; that were preapproved
by the Audit Committee pursuant to 17&nbsp;CFR 210.2-01(c)(7)(i)
is 100%. The number of hours spent by persons other than
full-time permanent employees of PricewaterhouseCoopers LLP on
auditing Skyline&#146;s financial statements for the most recent
fiscal years was less than 50% of the total number of hours.
</FONT>

<!-- link1 "CERTAIN OTHER BENEFICIAL OWNERS" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="center">
<B><FONT size="2">CERTAIN OTHER BENEFICIAL OWNERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following person, entities or
&#147;group&#148; as indicated are known to Skyline to own
beneficially at least five percent (5%) of Skyline&#146;s common
stock or are members of management identified in the summary
compensation table but who are not on Skyline&#146;s Board. The
beneficial ownership of Skyline common stock
</FONT>

<P align="center"><FONT size="2">7
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">by the members of its Board and its nominees for
directors is shown in the table under &#147;Election of
Directors&#148; above.
</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares of Skyline Common</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">&nbsp;&nbsp;Name and Address</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stock Beneficially Owned</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent of</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">&nbsp;&nbsp;of Beneficial Owner</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">at July&nbsp;1, 2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Class(1)&nbsp;&nbsp;</FONT></B></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">Private Capital Management, Inc.<BR>
    3003 Tamiami Trail North, 3rd&nbsp;Floor<BR>
    Naples, Florida 34103
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1,464,416</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">17.5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">T. Rowe Price Associates Inc.(2)<BR>
    100 East Pratt Street<BR>
    Baltimore, Maryland 21202
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">829,300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">9.88</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">Royce&nbsp;&#38; Associates, LLC<BR>
    1414 Avenue of the Americas<BR>
    New York, New York 10019
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">552,900</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.59</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">Dimensional Fund Advisors<BR>
    1299 Ocean Avenue, 11th Floor<BR>
    Santa Monica, California 90401
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">521,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.21</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">Terrence M. Decio<BR>
    Senior Executive Vice President<BR>
    2520 Bypass Road<BR>
    Elkhart, Indiana 46514
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">30,080</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">William H. Murschel<BR>
    President and Chief Operations Officer<BR>
    2520 Bypass Road<BR>
    Elkhart, Indiana 46514
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">Christopher&nbsp;R. Leader<BR>
    Vice President, Operations<BR>
    2520 Bypass Road<BR>
    Elkhart, Indiana 46514
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">James R. Weigand<BR>
    Vice President, Finance and Treasurer<BR>
    and Chief Financial Officer<BR>
    2520 Bypass Road<BR>
    Elkhart, Indiana 46514
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;
<FONT size="2">(1)&nbsp;Less than one percent&nbsp;(1%) if not
specified.
</FONT>

<P align="left">&nbsp;&nbsp;
<FONT size="2"> (2)&nbsp;T. Rowe Price Associates, Inc. (Price
Associates) has informed Skyline that these securities are owned
by various individual and institutional investors which Price
Associates serves as investment adviser with power to direct
investment and/or sole power to vote the securities and that for
purposes of the reporting requirements of the Securities
Exchange Act of 1934, Price Associates is deemed to be a
beneficial owner of such securities; however, Price Associates
expressly disclaims that it is, in fact, the beneficial owner of
such securities.
</FONT>

<P align="center"><FONT size="2">8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center">
<B><U><FONT size="2">SECTION&nbsp;16(a) BENEFICIAL OWNERSHIP
REPORTING COMPLIANCE</FONT></U></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based solely on a review of forms provided to
Skyline and on certain written representations, Skyline is
unaware of any failure to file on a timely basis reports
required by Section&nbsp;16(a) of the Exchange Act by any
director, officer or beneficial owner of more than ten percent
of Skyline&#146;s common stock.
</FONT>

<!-- link1 "EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center">
<B>EXECUTIVE COMPENSATION</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth all cash
compensation paid during the fiscal year ended May&nbsp;31, 2003
for each of the highest paid executive officers of Skyline,
including the Chief Executive Officer. The table also shows for
each such officer, the amounts set aside during the last fiscal
year under Skyline&#146;s Profit Sharing Plan.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="47%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap>&nbsp;<B><FONT size="1">All Other</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="left" nowrap><B><FONT size="1">Annual Compensation</FONT></B></TD>

    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD><TD></TD>







    <TD></TD>
    <TD></TD>
    <TD colspan="15"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Vested</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name and Principal</FONT></B></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Profit</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Position</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Salary($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Bonus($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sharing)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="17"></TD>
</TR>

<TR>
    <TD colspan="17" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Thomas G. Deranek
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">298,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">70,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Vice Chairman and Chief Executive Officer;
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">236,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">158,400</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Chief of Staff until September&nbsp;24, 2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">155,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">45,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">William H. Murschel
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">360,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">70,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">President and Chief Operations Officer
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">351,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">158,400</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">330,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">125,400</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">Terrence M. Decio
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">288,800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">60,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">Senior Executive Vice-President
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">275,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">121,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">275,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">104,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">James R. Weigand
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">209,200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">Vice President, Finance and Treasurer
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">192,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">88,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">and Chief Financial Officer
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">175,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,400</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">Christopher R. Leader
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">200,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">Vice-President, Operations
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">197,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">88,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">190,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">54,200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- link1 "Compensation of Directors" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center">
<B>Compensation of Directors</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Directors who are not employees of Skyline
receive an annual fee of $16,000 payable in quarterly
installments and receive $500 for each Board or Committee
</FONT>

<P align="center"><FONT size="2">9
</FONT>
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<DIV align="left">
<FONT size="2">meeting attended. Chairmen of Board Committees
who are not employees of Skyline receive an additional
$2,000&nbsp;annually and Committee members who are not employees
of Skyline receive an additional $1,500&nbsp;annually payable in
quarterly installments.
</FONT>
</DIV>

<!-- link1 "Termination of Employment Arrangements" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center">
<B>Termination of Employment Arrangements</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Skyline Corporation and Affiliates
Employees&#146; Profit Sharing Plan provides benefits on death,
disability or retirement for substantially all employees.
Employees become eligible as of the June&nbsp;1 or
December&nbsp;1 immediately following completion of six months
of employment. The amount of contribution under the Plan is at
the discretion of Skyline each year. The maximum contribution
for any participant shall not exceed 12% of a participant&#146;s
basic compensation. Upon retirement, death or permanent total
disability, a participant is entitled to all of the funds
credited to his account. In case of termination of employment by
resignation or discharge, the participant is entitled to a
percentage of the amount credited to his account, ranging from
0% after one year of employment to 100% after seven years.
Forfeitures resulting from any employee&#146;s termination of
employment prior to full vesting will be used to reduce employer
contributions. Net investment earnings or net losses for each
fiscal year are allocated to the account of each participant in
the same ratio as the participant&#146;s account balance bears
to the total account balances of all participants. Skyline
reserves the right to modify, amend or terminate the Plan. In
the event of termination of the plan, the entire amount
theretofore contributed under the Plan must be paid to
participants or their beneficiaries and under no circumstances
reverts to Skyline.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under an insurance plan, payments would be made
to the below named executive officers and two former executive
officers, and executive officers as a group, for a period of
10&nbsp;years upon retirement from Skyline at age&nbsp;60, 62 or
later, in the following annual amounts: Thomas G. Deranek,
$75,000; William H. Murschel, $75,000; Terrence M. Decio,
$75,000; James R. Weigand, $60,000; Christopher R. Leader,
$60,000; Arthur J. Decio, $100,000; and Ronald F. Kloska,
$100,000; and all current and former executive officers as a
group, consisting of 9 individuals, $645,000. Under the same
insurance plan, in the event of the death of any of these
individuals while employed by Skyline, payments would be made
for a period of 10&nbsp;years in the annual amounts hereinafter
specified to the beneficiaries of the following individuals and
group: Thomas G. Deranek, $75,000; William H. Murschel, $75,000;
Terrence M. Decio, $75,000; James R. Weigand, $40,000;
Christopher R. Leader, $40,000; Arthur J. Decio, $100,000; and
Ronald F. Kloska, $100,000 and 2 other executive officers,
</FONT>

<P align="center"><FONT size="2">10
</FONT>

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<DIV align="left">
<FONT size="2">totaling 9&nbsp;individuals, $575,000. Skyline is
the owner and beneficiary of policies insuring the lives of all
these individuals in the total amount of $5,012,000.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, in the event of the death of Arthur
J. Decio, whether before or after his retirement from Skyline,
Skyline has agreed to pay his survivor(s) the sum of $2,700,000,
which at the present income tax rates, would result in after tax
cost to Skyline of approximately $1,620,000. Skyline is the
owner and beneficiary of policies insuring Arthur J.
Decio&#146;s life in the amount of $1,700,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The appreciation in cash surrender value of all
of the above-described insurance policies is such that there is
no current cost to Skyline for their maintenance.
</FONT>

<!-- link1 "Compensation Committee Interlocks and Insider Participation" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center">
<B>Compensation Committee Interlocks and Insider
Participation</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following persons served as members of the
Governance and Compensation Committee (the &#147;Compensation
Committee&#148;) of Skyline&#146;s Board of Directors during the
fiscal year ended May&nbsp;31, 2003: Andrew J. McKenna, Jerry
Hammes, William H. Lawson and David T. Link. Arthur J. Decio is
the Chairman of the Board of Skyline, and is a member of the
Board of Directors of Schwarz. Andrew J. McKenna is an executive
officer of Schwarz.
</FONT>

<!-- link1 "Report of the Governance and Compensation Committee (the &#147;Compensation Committee&#148;) on Executive Compensation" -->
<DIV align="left"><A NAME="013"></A></DIV>

<P align="center">
<B>Report of the Governance and Compensation</B>

<DIV align="center">
<B>Committee (the &#147;Compensation Committee&#148;)</B>
</DIV>

<DIV align="center">
<B>on Executive Compensation</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The compensation of Skyline&#146;s executive
officers is determined by the Compensation Committee of the
Board of Directors. Each member of the Compensation Committee is
a director who is not an employee of Skyline or any of its
affiliates. The following report with respect to compensation
paid to Skyline&#146;s executive officers for the fiscal year
ended May&nbsp;31, 2003 is furnished by the Compensation
Committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U><FONT size="2">General Policies.</FONT></U><FONT size="2">
Skyline&#146;s compensation programs are intended to enable
Skyline to attract, motivate, reward and retain the executive
management talent required to achieve corporate objectives. It
is Skyline&#146;s policy to reward exceptional performance and
contributions to the development of Skyline&#146;s business. To
attain these objectives, Skyline&#146;s executive compensation
program includes a competitive base salary coupled with the
opportunity to participate in a bonus pool which is created
based on the performance of Skyline&#146;s business. The
Governance and Compensation Committee (the &#147;Compensation
Committee&#148;) establishes the base salaries and discretionary
bonuses which will be paid to Skyline&#146;s executive officers
for each fiscal year. In setting salaries and bonuses,
</FONT>

<P align="center"><FONT size="2">11
</FONT>

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<DIV align="left">
<FONT size="2">the Compensation Committee takes into account
several factors, including compensation paid by competitors and
other industries&#146; compensation data as well as qualitative
factors bearing on an individual&#146;s experience,
responsibilities, management and job performance. The
Compensation Committee evaluates the contributions to
Skyline&#146;s overall performance during the last fiscal year,
leadership, effectiveness and commitment of all executive
officers, including the Chief Executive Officer. For the fiscal
year ended May&nbsp;31, 2003, each of the executive officers
received a bonus, in the amounts set forth above in the
executive compensation table.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U><FONT size="2">Salaries.</FONT></U><FONT size="2"> Salary
levels for executive officer positions are set so as to reflect
the duties and level of responsibilities inherent in the
position and current economic conditions relating to
Skyline&#146;s business. Comparative salaries paid by other
companies in the industries in which Skyline does business are
considered in establishing the salary level for a given
position. The Compensation Committee does not, however, target a
specific percentile range within the comparative group in
setting salaries of Skyline&#146;s executive officers. The
particular qualifications and level of experience of the
individual holding the position are also considered in
establishing a salary level when the individual is first
appointed to a given position.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U><FONT size="2">Bonus.</FONT></U><FONT size="2"> Skyline
provides executive officers the opportunity to earn an annual
incentive bonus based on an evaluation of the executive&#146;s
individual performance and Skyline&#146;s performance. No
executive officer is automatically entitled to a bonus or a
bonus in any particular amount. In considering bonuses for
executives other than Arthur J. Decio, the Compensation
Committee consults with the Chairman of the Board.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U><FONT size="2">Other.</FONT></U><FONT size="2"> In addition,
the executive officers participate in a profit sharing program
and insurance and other plans described above providing payments
on death or retirement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U><FONT size="2">Compensation of Chief Executive Officer
(&#147;CEO&#148;).</FONT></U><FONT size="2"> In setting the base
salary and bonus for Skyline&#146;s CEO, for the fiscal year
ended May&nbsp;31, 2003, the Compensation Committee considered
the same factors as with other executive officers of Skyline.
The Compensation Committee believes the CEO&#146;s compensation
was fully supported by those standards.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="28%"></TD>
    <TD width="72%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Andrew J. McKenna, Chairman
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Jerry Hammes
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">William H. Lawson
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">David T. Link
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Being all the members of Skyline&#146;s
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Governance and Compensation Committee
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">(the &#147;Compensation Committee&#148;)
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">12
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "PERFORMANCE GRAPH" -->
<DIV align="left"><A NAME="014"></A></DIV>

<P align="center">
<B>PERFORMANCE GRAPH</B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN*
    AMONG SKYLINE CORPORATION, S&nbsp;&#38; P 500 INDEX AND PEER
    GROUP**
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<IMG src="c77977dc7797713.gif" alt="(Performance Graph)">
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Notes:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Assumes initial investment of $100 on
    May&nbsp;31, 1998 and compares the return on that investment
    through May&nbsp;31, 2003.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">For comparison purposes, Total Return assumes
    reinvestment of dividends, although Skyline has no dividend
    reinvestment plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Total Return is based on market capitalization.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">**&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">This self constructed peer group consists of the
    following companies:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Champion Enterprises, Inc.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Coachmen Industries, Inc.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Fleetwood Enterprises, Inc.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Liberty Homes, Inc.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Thor Industries, Inc.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The returns for each member of this peer group
    have been weighted according to that company&#146;s respective
    stock market capitalization.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">13
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "INDEPENDENT PUBLIC AUDITORS" -->
<DIV align="left"><A NAME="015"></A></DIV>

<P align="center">
<B>INDEPENDENT PUBLIC AUDITORS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Skyline&#146;s independent public accounting firm
is PricewaterhouseCoopers LLP. It is expected that
representatives of PricewaterhouseCoopers LLP will be present at
the meeting of shareholders, will have the opportunity to make a
statement if they so desire and will be available to respond to
appropriate questions.
</FONT>

<!-- link1 "SHAREHOLDER PROPOSALS" -->
<DIV align="left"><A NAME="016"></A></DIV>

<P align="center">
<B>SHAREHOLDER PROPOSALS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any proposal submitted for inclusion in
Skyline&#146;s Proxy Statement and form of proxy for the 2004
Annual Meeting of Shareholders must be received at the address
shown above on or before April&nbsp;3, 2004.
</FONT>

<!-- link1 "MISCELLANEOUS" -->
<DIV align="left"><A NAME="017"></A></DIV>

<P align="center">
<B>MISCELLANEOUS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of the date of this Proxy Statement, the Board
of Directors knows of no other business which will be presented
for consideration at the annual meeting. However, if other
proper matters are presented at the meeting, it is the intention
of the proxies named in the enclosed proxy to take such action
as shall be in accordance with their best judgment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The expense of this solicitation, including the
cost of preparing and mailing this Proxy Statement and
accompanying material, will be paid by Skyline. Skyline expects
to pay approximately $6,500 to Georgeson Shareholder
Communications, Inc. as compensation for the solicitation of
proxies, and may reimburse brokers and others for their expense
for sending proxy material to principals for the purpose of
obtaining signed proxies. In addition, solicitation may be by
mail, telephone, telefax and personal interview by regularly
engaged officers of Skyline who will not be additionally
compensated therefor.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Shareholders are respectfully requested to date,
sign and return promptly the enclosed proxy in the enclosed
envelope. No postage is required if mailed in the United States.
</FONT>

<P align="right">
<FONT size="2">By Order of the
</FONT>

<DIV align="right">
<FONT size="2">Board of Directors
</FONT>
</DIV>

<P align="right">
<FONT size="2">Samuel S. Thompson
</FONT>

<DIV align="right">
<FONT size="2">General Counsel and
</FONT>
</DIV>

<DIV align="right">
<FONT size="2">Secretary
</FONT>
</DIV>

<P align="center"><FONT size="2">14
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="right">
<B> Exhibit&nbsp;A</B>

<P align="center">
<B>CHARTER OF THE AUDIT COMMITTEE</B>

<DIV align="center">
<B>OF</B>
</DIV>

<DIV align="center">
<B>THE BOARD OF DIRECTORS</B>
</DIV>

<DIV align="center">
<B>OF</B>
</DIV>

<DIV align="center">
<B>SKYLINE CORPORATION</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee shall consist of at least
three (3)&nbsp;directors, all of whom are independent (as
defined in Section&nbsp;17 of the Code of Federal Regulations)
of management of the Corporation and any of its subsidiaries and
free from any relationship that, in the judgment of the Board of
Directors, would interfere with the exercise of independent
judgment respecting the matters over which the Committee is
given authority.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The members of the Audit Committee shall be
elected annually by the Board of Directors in connection with
the annual meeting of the board. Members shall be elected by the
Board of Directors with due regard to such member&#146;s
training in, or experience with, accounting and financial
reporting issues. Members of the Committee may be removed, and
vacancies on the Committee may be filled by the Board of
Directors in accordance with the Code of By-laws of the
Corporation. The Chairman of the Audit Committee may be
designated by the Board of Directors and, in the absence of such
designation, may be elected by the Audit Committee from among
their members.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee shall assist the Board of
Directors to oversee the Corporation&#146;s financial reporting
processes, its internal financial control structures and its
internal and external financial audit processes. The Audit
Committee shall facilitate communication on Financial Matters
(defined below) among the Board of Directors, management, the
Corporation&#146;s internal audit department and the
Corporation&#146;s independent auditors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee has oversight authority over
the following matters (collectively referred to herein as
&#147;Financial Matters&#148;):
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The quality, accuracy and integrity of the
    Corporation&#146;s annual financial statements, including
    footnotes and related disclosures.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The quality, scope and procedures of the
    independent auditors&#146; audits of the Corporation&#146;s
    financial statements.
    </FONT></TD>
</TR>

</TABLE>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The quality, appropriateness and implementation
    of the Corporation&#146;s significant accounting policies.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Audit conclusions respecting significant
    estimates and adjustments.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The disclosure, treatment or resolution of any
    material weakness in financial reporting or controls or
    reportable conditions identified by management, the internal
    audit department or the independent auditors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The quality, adequacy and appropriateness of the
    Corporation&#146;s internal financial control structures,
    including any circumstances in which such controls may be
    overridden or compromised.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The quality, adequacy and appropriateness of the
    Corporation&#146;s internal auditing processes.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Disagreements among management, the internal
    audit department or the independent auditors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The assessment of material risks or contingencies
    that may affect the Corporation&#146;s financial reporting
    including the risk of liability associated with litigation or
    noncompliance with law.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The Corporation&#146;s compliance with legal and
    regulatory requirements.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The preparation of such reports as may be
    required by SEC rules.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Such other matters affecting the quality,
    integrity or accuracy of the Corporation&#146;s financial
    reporting as the Committee deems relevant to any of the forgoing
    matters.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B>Authority Respecting Independent Auditors</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee has the following specific
authority and direct responsibility respecting the independent
auditors:
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The engagement or dismissal of the independent
    auditors. The Corporation shall not engage or dismiss its
    independent auditors without the action of the Audit Committee
    or the Board of Directors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">To direct the independent auditors to meet with
    the Audit Committee from time to time, separately or in the
    presence of management or others, to discuss Financial Matters
    or to prepare and submit reports to the Committee respecting
    Financial Matters.
    </FONT></TD>
</TR>

</TABLE>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">To require the independent auditors to report to
    the Audit Committee on matters that may be deemed to affect the
    independence of the independent auditors, including any
    management consulting services provided, or proposed to be
    provided, by the independent auditors for the Corporation or its
    affiliates and the fees paid or proposed to be paid for such
    services; to assess the effect of the forgoing on the
    independence of the independent auditors and the appearance of
    propriety of the forgoing and to direct management to take
    action in respect of such matters.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">To take action to resolve any disagreement
    respecting accounting principles, the implementation or
    application of such principles or Financial Matters between
    management and the independent auditors. The auditors will
    report directly to the Audit Committee.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B>Authority Respecting The Internal Audit Department</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee has the following specific
authority respecting the internal audit department:
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">To elect or remove the director of internal audit
    or to refer the election or removal of the director of internal
    audit for action by the Board of Directors, with or without an
    affirmative or negative recommendation.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">To assess the quality, adequacy and
    appropriateness of the plan for the Corporation&#146;s internal
    auditing processes, and, in the Committee&#146;s discretion,
    from time to time or upon request, to approve or disapprove such
    plan or to approve or disapprove any changes therein.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">To direct the director of internal audit to meet
    with the Audit Committee or the Board of Directors from time to
    time, separately or in the presence of the independent auditors,
    management or others, to discuss Financial Matters or to prepare
    and submit reports to the Committee respecting Financial Matters.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">To direct management, the director of internal
    audit, the Corporation or the independent auditors to take such
    action as the Committee may deem necessary or appropriate to
    address any issues identified by any of such parties regarding
    significant internal audit findings, difficulties encountered in
    carrying out internal audit procedures, or any management
    override of internal control mechanisms.
    </FONT></TD>
</TR>

</TABLE>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B>Authority Over Management Activities</B>

<DIV align="center">
<B>Relating To Financial Matters</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee has the following specific
authority over the activities of management in Financial Matters.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">To direct the chief financial officer or other
    members of management to meet with the Audit Committee or the
    Board of Directors from time to time, separately or in the
    presence of the independent auditors, the director of internal
    audit or others, to discuss Financial Matters or to prepare and
    submit reports to the Committee respecting Financial Matters.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">To assess the quality, adequacy and
    appropriateness of the accounting principles and policies
    implemented and applied by the Corporation and the quality,
    integrity and accuracy of the Corporation&#146;s financial
    reporting, and, in the Committee&#146;s discretion, from time to
    time or upon request, to approve or disapprove such principles
    or policies or to approve, disapprove or mandate any changes
    therein.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B>Investigations Procedure for</B>

<DIV align="center">
<B>Handling Complaints and Obtaining Advice</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee has authority to require
investigations and to obtain advice respecting the
Corporation&#146;s Financial Matters and the Committee&#146;s
exercise of its authority, as the Committee deems necessary or
appropriate. Without limiting the forgoing, the Committee has
authority to direct management, including the Corporation&#146;s
counsel, the independent auditors and the director of internal
audit to investigate any Financial Matters and related issues
and to provide reports to the Committee respecting such
investigation. The Committee has authority to meet with the
Corporation&#146;s counsel, to obtain advice respecting the
exercise of the Committee&#146;s authority and to direct such
counsel to investigate such legal issues relating to Financial
Matters and to report to the Committee regarding same, as the
Committee deems necessary or appropriate. The Committee has
authority to engage independent advisors whom the Committee may
designate to provide advice and guidance to the Committee
respecting the exercise of its authority and issues relating to
Financial Matters as the Committee deems necessary or
appropriate, including, without limitation, independent legal
counsel, and independent financial advisors which may include
investment banking firms or accounting firms, other than the
independent auditors. The
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">Committee has authority to meet separately with,
and to receive private and, where appropriate, privileged,
written or oral communications from any of such advisors. The
Committee shall establish procedures for receiving and handling
complaints received by the Corporation regarding internal
accounting controls or audit matters and procedures for
anonymous submission of complaints by employees regarding
questionable accounting or audit matters.
</FONT>
</DIV>

<P align="center">
<B>Procedural Matters</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee shall meet from time to time
at the call of its Chairman or at the direction of the Board of
Directors. The Committee shall meet at least four&nbsp;(4) times
per year. The Chairman of the Audit Committee shall call a
meeting of the Committee upon the request of any member of the
Committee or the Chairman of the Board of Directors. The
provisions of the Code of By-laws of the Corporation respecting
notice of meetings and for action to be taken by the Board of
Directors shall apply to meetings and actions of the Audit
Committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Chairman of the Audit Committee shall report
on the activities of the Committee to the Board of Directors
from time to time upon request of the Chairman of the Board of
Directors or of the Board of Directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">ADOPTED BY THE BOARD OF DIRECTORS this
26th&nbsp;day of March, 2003.
</FONT>
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
